The capitalist economic system inherited from the colonial masters has not changed much after independence, but only a change in ownership from the Europeans to Malaysian elites.

Since Mahathir privatized most of our public assets in the Eighties, we need to renationalize these assets especially land, water, energy, which belong to the Malaysian people instead of local and foreign capitalists. This will not be that difficult to do as at present many of these assets are under the ownership and/or control of various government funds and Government-Linked companies (GLCs). A pro-people government will be able open these GLCs to democratic control of the people and direct them to implement good labour and environmental policies.

It is time that Petronas’ revenues are invested in a Sovereign Wealth Fund as a pension fund for the future generations and the oil-producing states instead of being squandered by unscrupulous leaders without accountability. We want strong public sector health, education, housing, transport services including highways which have been privatized to crony capitalists at the expense of the public good. Our small & medium enterprises, farmers and fisherfolk need adequate support in order to develop our local food and industrial production.

Economy for the many